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[@patefortworth](/creator/twitter/patefortworth)
"Hot asset class: GP stakes vehicles charging big management fees to bundle GP stakes of mediocre PE funds to retail/allocators. When these funds struggle to raise the next vehicle (which will be common soon) the GP value can drop to zero. Just buy a basket of BX KKR APO"  
[X Link](https://x.com/patefortworth/status/1979616776733561264) [@patefortworth](/creator/x/patefortworth) 2025-10-18T18:33Z 6335 followers, 13.8K engagements


"@sethmosk @LeylaKuni @junkbondanalyst @junkbondinvest @pvtcreditguy I dont know of any cds being traded with physical settlement these days (but Im a bit out of practice to be fair)"  
[X Link](https://x.com/patefortworth/status/1976383401025556819) [@patefortworth](/creator/x/patefortworth) 2025-10-09T20:24Z 6339 followers, 1864 engagements


"@travelingsales8 Ha the collateral shows up as a recently-purchased Aspen home in the name of the selling PE funds partner"  
[X Link](https://x.com/patefortworth/status/1979652518830600676) [@patefortworth](/creator/x/patefortworth) 2025-10-18T20:55Z 6335 followers, XX engagements


"@IRR_not Idk. But weve been invested in APO and KKR for X years and several good firms like Vista and HIG and others for a similar amount of time (through a Dyal fund around 2017) and the numbers on the big publics are quite a bit better"  
[X Link](https://x.com/patefortworth/status/1980050629428216088) [@patefortworth](/creator/x/patefortworth) 2025-10-19T23:17Z 6336 followers, XX engagements


"@IRR_not 1) better in what context Returns Thats only part of the equationlarge publics are killing the distribution/growth game"  
[X Link](https://x.com/patefortworth/status/1980037778722435300) [@patefortworth](/creator/x/patefortworth) 2025-10-19T22:26Z 6337 followers, XX engagements


"@shots_goal @IRR_not Yeah Im not saying the current investors will have a 0.0x return Im trying to say the GPs terminal value can easily be zero and thats not being factored in (at least publicly)"  
[X Link](https://x.com/patefortworth/status/1980037222188384737) [@patefortworth](/creator/x/patefortworth) 2025-10-19T22:23Z 6336 followers, XX engagements


"@IRR_not @shots_goal Feel like Im seeing some very stretchy deals right now on firms that are not target sponsors"  
[X Link](https://x.com/patefortworth/status/1980053143498129727) [@patefortworth](/creator/x/patefortworth) 2025-10-19T23:27Z 6336 followers, XX engagements


"@IRR_not Thats definitely part of it but APO has a dramatically different moat than X years ago so multiple expansion is (somewhat) warranted. So we trim the position on the way up and it still beats our private allocations"  
[X Link](https://x.com/patefortworth/status/1980054037085950373) [@patefortworth](/creator/x/patefortworth) 2025-10-19T23:30Z 6335 followers, XX engagements